Health Care Sector Update for 07/03/2019: CGC,WEED.TO,KPTI,UMRX,RIV.V
Top Health Care Stocks
Health care stocks were rising, including a nearly 0.8% gain for the NYSE Health Care Index while shares of health care companies in the S&P 500 also were up more than 0.9% as a group. The Nasdaq Biotechnology index was climbing almost 1.2% in late trading.
Among health care stocks moving on news:
(-) Canopy Growth Corp ( CGC ) was up more than 2% Wednesday afternoon, reversing a mid-morning decline, after company founder and former co-CEO Bruce Linton told BNN Bloomberg television in Toronto he was forced out of the Canadian medical and recreational marijuana company. Canopy president and co-CEO Mark Zekulin will become the sole CEO and will assist board members with finding a new leader to “guide the company in its next phase of growth.” Linton has also stepped down from Canopy Rivers (RIV.V), which invests in burgeoning marijuana companies and identifies strategic counterparties seeking financial and operating support.
In other sector news:
(+) Karyopharm Therapeutics ( KPTI ) rallied Wednesday, rising around 36% after market regulators temporarily halted trading of the drugmaker’s shares due to extreme volatility. Trading was paused Wednesday morning. The US Food and Drug Administration is set to make a decision on the company’s new drug application for its Selinexor drug candidate by Saturday, July 6. The company last month said Selinexor may help patients with myeloma.
(-) Unum Therapeutics ( UMRX ) was nearly 2% higher in afternoon trading, overcoming an earlier 9% decline. The US Food and Drug Administration late Tuesday placed a hold on phase I testing of a combination of the company’s ACTR087 drug candidate and Biogen’s ( BIIB ) rituximab chemotherapy as a prospective treatment for certain forms of lymphoma after a patient in the study suffered from neurotoxicity in addition to an infection and respiratory distress.
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